Financial Highlights
(Expressed in thousands of | |||||||||
Fourth quarter 2023 | Fourth quarter 2022 | Twelve months ended | Twelve months ended | ||||||
Voyage Revenues | |||||||||
Net income | |||||||||
Adjusted Net income(1) | |||||||||
Net cash provided by operating activities | |||||||||
EBITDA(2) | |||||||||
Adjusted EBITDA(2) | |||||||||
Earnings per share basic | |||||||||
Earnings per share diluted | |||||||||
Adjusted earnings per share basic(1) | |||||||||
Adjusted earnings per share diluted(1) | |||||||||
Dividend per share for the relevant period | |||||||||
Average Number of Vessels | 117.8 | 128.0 | 123.3 | 128.0 | |||||
TCE Revenues(3) | |||||||||
Daily Time Charter Equivalent Rate ("TCE")(3) | |||||||||
Daily OPEX per vessel(4) | |||||||||
Daily OPEX per vessel (as adjusted)(4) | |||||||||
Daily Net Cash G&A expenses per vessel (excluding one-time expenses)(5) |
(1) Adjusted Net income and Adjusted earnings per share are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Net income and earnings per share, which are the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles in
(2) EBITDA and Adjusted EBITDA are non-GAAP liquidity measures. Please see EXHIBIT I at the end of this release for a reconciliation of EBITDA and Adjusted EBITDA to Net Cash Provided by / (Used in) Operating Activities, which is the most directly comparable financial measure calculated and presented in accordance with
(3) Daily Time Charter Equivalent Rate (“TCE”) and TCE Revenues are non-GAAP measures. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with
(4) Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days (defined below). Daily OPEX per vessel (as adjusted) is calculated by dividing vessel operating expenses excluding increased costs due to the COVID-19 pandemic or pre-delivery expenses for each vessel on acquisition or change of management, if any, by Ownership days. In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded.
(5) Daily Net Cash G&A expenses per vessel is calculated by (1) adding the Management fee expense to the General and Administrative expenses, net of share-based compensation expense, other non-cash charges and one-time expenses and (2) then dividing the result by the sum of Ownership days and Charter-in days (defined below). Please see EXHIBIT I at the end of this release for a reconciliation to General and administrative expenses, which is the most directly comparable financial measure calculated and presented in accordance with
“Star Bulk reported for the fourth quarter 2023 Net Income of
During the quarter we completed a
We continue to prepare for more stringent environmental regulations by investing in renewing our fleet, having increased the size of our newbuilding order from two to five latest generation, high specification Eco Kamsarmaxes delivering in 2025-2026. In addition, we have started taking delivery of our long-term Charter-in Eco tonnage, currently operating two vessels out of the six that we expect to be delivered during 2024.
Regarding our previously announced all-share merger with Eagle Bulk, we continue to work towards closing the transaction in the first half of 2024. We have received all necessary regulatory approvals. The Eagle Bulk shareholder vote will be held on
Finally, Star Bulk is proud to be one of the founding members of the recently launched Maritime Emissions Reduction Center, which will be based in
Outlook for the dry bulk market remains positive due to favorable supply dynamics, geopolitically driven inefficiencies in trade and a recovery of demand supported by large global infrastructure investment needs for the world’s green transition. Star Bulk expects to take advantage of the recent strength in the dry bulk market having mostly maintained its diverse scrubber fitted fleet in the spot market and thus continue to create value for its shareholders.”
Recent Developments
Declaration of Dividend
On
Eagle Merger Update
As previously announced, on
Fleet Update
Vessel S&P
In connection with the completion of the previously announced vessel sales, Star Athena, Star Theta and Star Jennifer were delivered to their new owners in late
In addition, in
Overall, the Company, during the first half of 2024, expects to collect
Newbuilding Vessels
As of the date of this release, we have exercised the two previously announced optional shipbuilding contracts with
- Two in
September 2025 , - Two in
April 2026 and - One in
July 2026 .
Charter-In Vessels
Lastly, in
Financing
In late
In
In addition, following a number of interest rate swaps we have entered into, we have an outstanding total notional amount of
Shares Outstanding Update
Following the completion of the previously announced First Oaktree Share Repurchase and the Second Oaktree Share Repurchase in October and
Vessel Employment Overview
Time Charter Equivalent Rate (“TCE rate”) is a non-GAAP measure. Please see EXHIBIT I at the end of this release for a reconciliation to Voyage Revenues, which is the most directly comparable financial measure calculated and presented in accordance with
Our TCE rate per day per main vessel category was as follows:
Fourth quarter 2023 | Twelve months ended 2023 | ||||||
Capesize / Newcastlemax Vessels: | $ | 24,615 | $ | 19,700 | |||
Post Panamax / Kamsarmax / Panamax Vessels: | $ | 15,224 | $ | 14,344 | |||
Ultramax / Supramax Vessels: | $ | 15,713 | $ | 13,812 | |||
Amounts shown throughout the press release and variations in period–over–period comparisons are derived from the actual unaudited numbers in our books and records. Reference to per share figures below are based on 87,364,379 and 102,724,888 weighted average diluted shares for the fourth quarter of 2023 and 2022, respectively.
Fourth Quarter 2023 and 2022 Results
For the fourth quarter of 2023, we had net income of
Net cash provided by operating activities for the fourth quarter of 2023 was
Voyage revenues for the fourth quarter of 2023 decreased to
For the fourth quarters of 2023 and 2022, vessel operating expenses were
Drydocking expenses for the fourth quarters of 2023 and 2022 were
General and administrative expenses for the fourth quarters of 2023 and 2022 were
Depreciation expense decreased to
During the fourth quarter of 2023, we incurred a net loss on forward freight agreements (“FFAs”) and bunker swaps of
Our results for the fourth quarter of 2023 include an impairment loss of
_____________________________
1 Please see the table at the end of this release for the calculation of the TCE Revenues.
Our results for the fourth quarters of 2023 and 2022 include a loss on write-down of inventories of
Our results for the fourth quarter of 2023 include an aggregate net gain of
Interest and finance costs for the fourth quarters of 2023 and 2022 were
Gain/(Loss) on debt extinguishment, net for the fourth quarter of 2023 mainly included a) a loss of
In addition, Gain/(Loss) on interest rate swaps, net for the fourth quarter of 2023 include a loss of
Unaudited Consolidated Income Statements
(Expressed in thousands of | Fourth quarter 2023 | Fourth quarter 2022 | Twelve months ended | Twelve months ended | ||||||||||||
Revenues: | ||||||||||||||||
Voyage revenues | $ | 263,461 | $ | 294,803 | $ | 949,269 | $ | 1,437,156 | ||||||||
Total revenues | 263,461 | 294,803 | 949,269 | 1,437,156 | ||||||||||||
Expenses: | ||||||||||||||||
Voyage expenses | (67,621 | ) | (74,439 | ) | (253,843 | ) | (286,534 | ) | ||||||||
Charter-in hire expenses | (3,730 | ) | (3,227 | ) | (17,656 | ) | (21,020 | ) | ||||||||
Vessel operating expenses | (54,102 | ) | (52,629 | ) | (221,327 | ) | (228,616 | ) | ||||||||
Dry docking expenses | (11,503 | ) | (18,705 | ) | (41,969 | ) | (47,718 | ) | ||||||||
Depreciation | (33,880 | ) | (39,709 | ) | (138,429 | ) | (156,733 | ) | ||||||||
Management fees | (4,071 | ) | (4,407 | ) | (16,809 | ) | (19,071 | ) | ||||||||
Loss on bad debt | - | (677 | ) | (300 | ) | (677 | ) | |||||||||
General and administrative expenses | (18,093 | ) | (12,547 | ) | (54,413 | ) | (56,826 | ) | ||||||||
Gain/(Loss) on forward freight agreements and bunker swaps, net | (7,713 | ) | 2,166 | (1,336 | ) | (1,451 | ) | |||||||||
Impairment loss | (10,138 | ) | - | (17,838 | ) | - | ||||||||||
Other operational loss | (343 | ) | (1,318 | ) | (952 | ) | (2,380 | ) | ||||||||
Other operational gain | 156 | 1,903 | 33,980 | 8,794 | ||||||||||||
Gain on sale of vessels | 10,566 | - | 29,399 | - | ||||||||||||
Loss on write-down of inventory | (3,753 | ) | (2,425 | ) | (9,318 | ) | (17,326 | ) | ||||||||
Operating income | 59,236 | 88,789 | 238,458 | 607,598 | ||||||||||||
Interest and finance costs | (21,530 | ) | (14,822 | ) | (71,319 | ) | (52,578 | ) | ||||||||
Interest income and other income/(loss) | 4,963 | 6,821 | 15,228 | 7,050 | ||||||||||||
Gain/(Loss) on interest rate swaps, net | (3,032 | ) | - | (3,539 | ) | - | ||||||||||
Gain/(Loss) on debt extinguishment, net | 28 | 5,207 | (5,149 | ) | 4,064 | |||||||||||
Total other expenses, net | (19,571 | ) | (2,794 | ) | (64,779 | ) | (41,464 | ) | ||||||||
Income before taxes and equity in income of investee | $ | 39,665 | $ | 85,995 | $ | 173,679 | $ | 566,134 | ||||||||
Income taxes | (2 | ) | (200 | ) | (183 | ) | (244 | ) | ||||||||
Income before equity in income of investee | 39,663 | 85,795 | 173,496 | 565,890 | ||||||||||||
Equity in income of investee | 44 | 1 | 60 | 109 | ||||||||||||
Net income | $ | 39,707 | $ | 85,796 | $ | 173,556 | $ | 565,999 | ||||||||
Earnings per share, basic | $ | 0.46 | $ | 0.84 | $ | 1.76 | $ | 5.54 | ||||||||
Earnings per share, diluted | $ | 0.45 | $ | 0.84 | $ | 1.76 | $ | 5.52 | ||||||||
Weighted average number of shares outstanding, basic | 86,657,095 | 102,468,182 | 98,457,929 | 102,153,255 | ||||||||||||
Weighted average number of shares outstanding, diluted | 87,364,379 | 102,724,888 | 98,848,943 | 102,536,966 | ||||||||||||
Unaudited Consolidated Condensed Balance Sheet Data
(Expressed in thousands of | |||||||
ASSETS | |||||||
Cash and cash equivalents and restricted cash, current | $ | 259,729 | 284,323 | ||||
Vessel held for sale | 15,190 | - | |||||
Other current assets | 179,478 | 217,769 | |||||
TOTAL CURRENT ASSETS | 454,397 | 502,092 | |||||
Vessels and other fixed assets, net | 2,539,743 | 2,881,551 | |||||
Restricted cash, non current | 2,021 | 2,021 | |||||
Other non-current assets | 32,094 | 47,960 | |||||
TOTAL ASSETS | $ | 3,028,255 | $ | 3,433,624 | |||
Current portion of long-term bank loans and lease financing | $ | 251,856 | $ | 181,947 | |||
Other current liabilities | 107,507 | 100,608 | |||||
TOTAL CURRENT LIABILITIES | 359,363 | 282,555 | |||||
Long-term bank loans and lease financing non-current (net of unamortized deferred finance fees of | 985,247 | 1,103,233 | |||||
Other non-current liabilities | 23,575 | 28,494 | |||||
TOTAL LIABILITIES | $ | 1,368,185 | $ | 1,414,282 | |||
SHAREHOLDERS' EQUITY | 1,660,070 | 2,019,342 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 3,028,255 | $ | 3,433,624 | |||
Unaudited Consolidated Condensed Cash Flow Data
(Expressed in thousands of | Twelve months ended | Twelve months ended | ||||||||
Net cash provided by / (used in) operating activities | $ | 335,777 | $ | 769,898 | ||||||
Acquisition of other fixed assets | (152 | ) | (437 | ) | ||||||
Capital expenditures for vessel modifications/upgrades and other equipment | (17,939 | ) | (24,966 | ) | ||||||
Cash proceeds from vessel sales and total loss | 250,968 | - | ||||||||
Hull and machinery insurance proceeds | 2,641 | 4,531 | ||||||||
Net cash provided by / (used in) investing activities | 235,518 | (20,872 | ) | |||||||
Proceeds from vessels' new debt | 441,405 | 315,000 | ||||||||
Scheduled vessels' debt repayment | (173,007 | ) | (201,347 | ) | ||||||
Debt prepayment | (319,563 | ) | (374,678 | ) | ||||||
Financing and debt extinguishment fees paid | (6,588 | ) | (5,543 | ) | ||||||
Offering expenses | (141 | ) | (412 | ) | ||||||
Proceeds from issuance of common stock | 13,165 | 19,792 | ||||||||
Repurchase of common shares | (393,108 | ) | (20,068 | ) | ||||||
Dividends paid | (158,052 | ) | (668,697 | ) | ||||||
Net cash provided by / (used in) financing activities | (595,889 | ) | (935,953 | ) | ||||||
Summary of Selected Data
Fourth quarter 2023 | Fourth quarter 2022 | Twelve months ended | Twelve months ended | |||||||||
Average number of vessels (1) | 117.8 | 128.0 | 123.3 | 128.0 | ||||||||
Number of vessels (2) | 116 | 128 | 116 | 128 | ||||||||
Average age of operational fleet (in years) (3) | 11.8 | 10.9 | 11.8 | 10.9 | ||||||||
Ownership days (4) | 10,840 | 11,776 | 44,999 | 46,720 | ||||||||
Available days (5) | 10,490 | 11,048 | 43,357 | 44,207 | ||||||||
Charter-in days (6) | 123 | 196 | 756 | 913 | ||||||||
Daily Time Charter Equivalent Rate (7) | ||||||||||||
Daily OPEX per vessel (8) | ||||||||||||
Daily OPEX per vessel (as adjusted) (8) | ||||||||||||
Daily Net Cash G&A expenses per vessel (excluding one-time expenses) (9) | ||||||||||||
(1) Average number of vessels is the number of vessels that constituted our owned fleet for the relevant period, as measured by the sum of the number of days each operating vessel was a part of our owned fleet during the period divided by the number of calendar days in that period.
(2) As of the last day of the periods reported.
(3) Average age of our operational fleet is calculated as of the end of each period.
(4) Ownership days are the total calendar days each vessel in the fleet was owned by us for the relevant period, including vessels subject to sale and leaseback transactions and finance leases.
(5) Available days for the fleet are the Ownership days after subtracting off-hire days for major repairs, dry docking or special or intermediate surveys, change of management and vessels’ improvements and upgrades. The available days for each period presented were also decreased by off-hire days relating to disruptions in connection with crew changes as a result of the COVID-19 pandemic, if any. Our method of computing Available Days may not necessarily be comparable to Available Days of other companies.
(6) Charter-in days are the total days that we charter-in vessels, not owned by us.
(7) Time charter equivalent rate represents the weighted average daily TCE rates of our operating fleet (including owned fleet and fleet under charter-in arrangements). TCE rate is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE rate is determined by dividing (a) TCE Revenues, which consists of Voyage Revenues net of voyage expenses, charter-in hire expense, amortization of fair value of above/below market acquired time charter agreements, if any, as well as adjusted for the impact of realized gain/(loss) on forward freight agreements (“FFAs”) and bunker swaps by (b) Available days for the relevant time period. Available days do not include the Charter-in days as per the relevant definitions provided above. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. In the calculation of TCE Revenues, we also include the realized gain/(loss) on FFAs and bunker swaps as we believe that this method better reflects the chartering result of our fleet and is more comparable to the method used by our peers. TCE Revenues and TCE rate, which are non-GAAP measures, provide additional meaningful information in conjunction with Voyage Revenues, the most directly comparable GAAP measure, because they assist our management in making decisions regarding the deployment and use of our vessels and because we believe that they provide useful information to investors regarding our financial performance. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., voyage charters, time charters, bareboat charters and pool arrangements) under which its vessels may be employed between the periods. Our method of computing TCE Revenues and TCE rate may not necessarily be comparable to those of other companies. For a detailed calculation please see Exhibit I at the end of this release with the reconciliation of Voyage Revenues to TCE.
(8) Daily OPEX per vessel is calculated by dividing vessel operating expenses by Ownership days. Daily OPEX per vessel (as adjusted) is calculated by dividing vessel operating expenses excluding increased costs due to the COVID-19 pandemic or pre-delivery expenses for each vessel on acquisition or change of management, if any, by Ownership days. We exclude the abovementioned expenses that may occur occasionally from our Daily OPEX per vessel, since these generally represent items that we would not anticipate occurring as part of our normal business on a regular basis. We believe that Daily OPEX per vessel (as adjusted) is a useful measure for our management and investors for period to period comparison with respect to our operating cost performance since such measure eliminates the effects of the items described above, which may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall operating performance. In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded. Vessel operating expenses for the years ended
(9) Please see Exhibit I at the end of this release for the reconciliation to General and administrative expenses, the most directly comparable GAAP measure. We believe that Daily Net Cash G&A expenses per vessel (excluding one-time expenses) is a useful measure for our management and investors for period to period comparison with respect to our financial performance since such measure eliminates the effects of non-cash items and one-time expenses which may vary from period to period, are not part of our daily business and derive from reasons unrelated to overall operating performance. In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded.
EXHIBIT I: Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA Reconciliation
We include EBITDA (earnings before interest, taxes, depreciation and amortization) herein since it is a basis upon which we assess our liquidity position and we believe that it presents useful information to investors regarding our ability to service and/or incur indebtedness.
To derive Adjusted EBITDA from EBITDA, we exclude non-cash gains/(losses) such as those related to sale of vessels or vessel total loss, share based compensation expense, impairment loss, loss from bad debt, change in fair value of forward freight agreements and bunker swaps, the equity in income of investee, other non-cash charges and one-time expenses, if any, which may vary from period to period and for different companies and because these items do not reflect operational cash inflows and outflows of our fleet.
EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to cash flow from operating activities or Net income, as determined by
In the future we may incur expenses that are the same as or similar to certain expenses (as described above) that were previously excluded.
The following table reconciles net cash provided by operating activities to EBITDA and Adjusted EBITDA:
(Expressed in thousands of | Fourth quarter 2023 | Fourth quarter 2022 | Twelve months ended | Twelve months ended | ||||||||||||||
Net cash provided by/(used in) operating activities | $ | 88,604 | $ | 116,336 | $ | 335,777 | $ | 769,898 | ||||||||||
Net decrease / (increase) in operating assets | (10,519 | ) | (4,046 | ) | (8,688 | ) | 7,714 | |||||||||||
Net increase / (decrease) in operating liabilities, excluding operating lease liability and including other non-cash charges | 15,325 | 15,052 | (6,120 | ) | (9,627 | ) | ||||||||||||
Impairment loss | (10,138 | ) | - | (17,838 | ) | - | ||||||||||||
Gain/(Loss) on debt extinguishment, net | 28 | 5,207 | (5,149 | ) | 4,064 | |||||||||||||
Share – based compensation | (8,176 | ) | (5,093 | ) | (20,877 | ) | (28,481 | ) | ||||||||||
Amortization of debt (loans & leases) issuance costs | (860 | ) | (1,118 | ) | (3,661 | ) | (4,918 | ) | ||||||||||
Unrealized gain / (loss) on forward freight agreements and bunker swaps | (7,531 | ) | 2,875 | (9,662 | ) | 2,583 | ||||||||||||
Total other expenses, net | 19,571 | 2,794 | 64,779 | 41,464 | ||||||||||||||
Gain from insurance proceeds relating to vessel total loss | - | - | 28,163 | - | ||||||||||||||
Loss on bad debt | - | (677 | ) | (300 | ) | (677 | ) | |||||||||||
Income tax | 2 | 200 | 183 | 244 | ||||||||||||||
Gain on sale of vessels | 10,566 | - | 29,399 | - | ||||||||||||||
Write-off of current assets | - | (607 | ) | - | (607 | ) | ||||||||||||
Gain from Hull & Machinery claim | - | - | 200 | - | ||||||||||||||
Loss on write-down of inventory | (3,753 | ) | (2,425 | ) | (9,318 | ) | (17,326 | ) | ||||||||||
Equity in income/(loss) of investee | 44 | 1 | 60 | 109 | ||||||||||||||
EBITDA | $ | 93,163 | $ | 128,499 | $ | 376,948 | $ | 764,440 | ||||||||||
Equity in (income)/loss of investee | (44 | ) | (1 | ) | (60 | ) | (109 | ) | ||||||||||
Unrealized (gain)/loss on forward freight agreements and bunker swaps | 7,531 | (2,875 | ) | 9,662 | (2,583 | ) | ||||||||||||
(Gain) on sale of vessels | (10,566 | ) | - | (29,399 | ) | - | ||||||||||||
Loss on write-down of inventory | 3,753 | 2,425 | 9,318 | 17,326 | ||||||||||||||
Gain from insurance proceeds relating to vessel total loss | - | - | (28,163 | ) | - | |||||||||||||
Share-based compensation | 8,176 | 5,093 | 20,877 | 28,481 | ||||||||||||||
Loss on bad debt | - | 677 | 300 | 677 | ||||||||||||||
Impairment loss | 10,138 | - | 17,838 | - | ||||||||||||||
Other non-cash charges | 165 | 159 | 170 | (225 | ) | |||||||||||||
Write-off of current assets | - | 607 | - | 607 | ||||||||||||||
One-time expenses | 1,720 | - | 1,720 | - | ||||||||||||||
Adjusted EBITDA | $ | 114,036 | $ | 134,584 | $ | 379,211 | $ | 808,614 | ||||||||||
Net income and Adjusted Net income Reconciliation and Calculation of Adjusted Earnings Per Share
To derive Adjusted Net Income and Adjusted Earnings Per Share from Net Income, we exclude non-cash items and one-time expenses, as provided in the table below. We believe that Adjusted Net Income and Adjusted Earnings Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as gain/(loss) on sale of assets, unrealized gain/(loss) on derivatives, impairment loss and one-time expenses which may vary from period to period, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income and Adjusted Earnings Per Share may not necessarily be comparable to other similarly titled captions of other companies. In the future we may incur expenses that are the same as or similar to certain expenses, as described above, that were previously excluded.
(Expressed in thousands of | ||||||||||||||||
Fourth quarter 2023 | Fourth quarter 2022 | Twelve months ended | Twelve months ended | |||||||||||||
Net income | $ | 39,707 | $ | 85,796 | $ | 173,556 | $ | 565,999 | ||||||||
Loss on bad debt | - | 677 | 300 | 677 | ||||||||||||
Share – based compensation | 8,176 | 5,093 | 20,877 | 28,481 | ||||||||||||
Other non-cash charges | 165 | 159 | 170 | (225 | ) | |||||||||||
Unrealized (gain) / loss on forward freight agreements and bunker swaps, net | 7,531 | (2,875 | ) | 9,662 | (2,583 | ) | ||||||||||
Unrealized (gain) / loss on interest rate swaps, net | 3,032 | - | 3,539 | - | ||||||||||||
(Gain) on sale of vessels | (10,566 | ) | - | (29,399 | ) | - | ||||||||||
Impairment loss | 10,138 | - | 17,838 | - | ||||||||||||
Gain from insurance proceeds relating to vessel total loss | - | - | (28,163 | ) | - | |||||||||||
Loss on write-down of inventory | 3,753 | 2,425 | 9,318 | 17,326 | ||||||||||||
Write-off of current assets | - | 607 | - | 607 | ||||||||||||
(Gain)/Loss on debt extinguishment, net (non-cash) | (74 | ) | 580 | 2,889 | (1,372 | ) | ||||||||||
Equity in (income)/loss of investee | (44 | ) | (1 | ) | (60 | ) | (109 | ) | ||||||||
One-time expenses | 1,720 | - | 1,720 | - | ||||||||||||
Adjusted Net income | $ | 63,538 | $ | 92,461 | $ | 182,247 | $ | 608,801 | ||||||||
Weighted average number of shares outstanding, basic | 86,657,095 | 102,468,182 | 98,457,929 | 102,153,255 | ||||||||||||
Weighted average number of shares outstanding, diluted | 87,364,379 | 102,724,888 | 98,848,943 | 102,536,966 | ||||||||||||
Adjusted Basic Earnings Per Share | $ | 0.73 | $ | 0.90 | $ | 1.85 | $ | 5.96 | ||||||||
Adjusted Diluted Earnings Per Share | $ | 0.73 | $ | 0.90 | $ | 1.84 | $ | 5.94 | ||||||||
Voyage Revenues to Daily Time Charter Equivalent (“TCE”) Reconciliation
(In thousands of | Fourth quarter 2023 | Fourth quarter 2022 | Twelve months ended | Twelve months ended | |||||||||||||
Voyage revenues | $ | 263,461 | $ | 294,803 | $ | 949,269 | $ | 1,437,156 | |||||||||
Less: | |||||||||||||||||
Voyage expenses | (67,621 | ) | (74,439 | ) | (253,843 | ) | (286,534 | ) | |||||||||
Charter-in hire expenses | (3,730 | ) | (3,227 | ) | (17,656 | ) | (21,020 | ) | |||||||||
Realized gain/(loss) on FFAs/bunker swaps, net | (182 | ) | (709 | ) | 8,326 | (4,034 | ) | ||||||||||
Time Charter equivalent revenues | $ | 191,928 | $ | 216,428 | $ | 686,096 | $ | 1,125,568 | |||||||||
Available days | 10,490 | 11,048 | 43,357 | 44,207 | |||||||||||||
Daily Time Charter Equivalent Rate ("TCE") | $ | 18,296 | $ | 19,590 | $ | 15,824 | $ | 25,461 | |||||||||
Daily Net Cash G&A expenses per vessel Reconciliation
(In thousands of | Fourth quarter 2023 | Fourth quarter 2022 | Twelve months ended | Twelve months ended | |||||||||||||
General and administrative expenses | $ | 18,093 | $ | 12,547 | $ | 54,413 | $ | 56,826 | |||||||||
Plus: | |||||||||||||||||
Management fees | 4,071 | 4,407 | 16,809 | 19,071 | |||||||||||||
Less: | |||||||||||||||||
Share – based compensation | (8,176 | ) | (5,093 | ) | (20,877 | ) | (28,481 | ) | |||||||||
Other non-cash charges | (165 | ) | (159 | ) | (170 | ) | 225 | ||||||||||
One-time expenses | (1,720 | ) | - | (1,720 | ) | - | |||||||||||
Net Cash G&A expenses (excluding one-time expenses) | $ | 12,103 | $ | 11,702 | $ | 48,455 | $ | 47,641 | |||||||||
Ownership days | 10,840 | 11,776 | 44,999 | 46,720 | |||||||||||||
Charter-in days | 123 | 196 | 756 | 913 | |||||||||||||
Daily Net Cash G&A expenses per vessel (excluding one-time expenses) | $ | 1,104 | $ | 977 | $ | 1,059 | $ | 1,000 | |||||||||
Conference Call details:
Our management team will host a conference call to discuss our financial results on
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In), or +0 800 756 3429 (
Alternatively, participants can register for the call using the “call me” option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the “call me” option.
Slides and audio webcast:
There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website www.starbulk.com and click on Events & Presentations. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the
In addition, as of the date of this release, we have entered into long-term charter-in arrangements with respect to three Kamsarmax newbuildings and one Ultramax newbuilding which are expected to be delivered during 2024 with an approximate duration of seven years per vessel plus optional years. In addition, in
Important Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed
No Offer or Solicitation
This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Star Bulk, Eagle and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of Eagle securities in connection with the proposed
Forward-Looking Statements
Matters discussed in this press release may constitute forward looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “will,” “would,” “could,” “should,” “may,” “forecasts,” “potential,” “continue,” “possible” and similar expressions or phrases may identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by our management of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include uncertainties as to the timing of the proposed transaction between the Company and
Contacts
Company:
Co ‐ Chief Financial Officers
c/o
40 Ag. Konstantinou Av.
Maroussi 15124
Email: info@starbulk.com
www.starbulk.com
Investor Relations / Financial Media:
President
Capital Link, Inc.
Tel. (212) 661‐7566
E‐mail: starbulk@capitallink.com
www.capitallink.com
Source:
2024 GlobeNewswire, Inc., source